Author: Mariam A. Voskanyan, Cand. Sc. (Econ.), Associate Professor, Head of Economic Theory and Issues of Transition Economy Dept., Russian-Armenian University

Abstract. The global financial crisis and the ensuing local crisis in the Russian economy had a negative impact on many countries of the post­Soviet space. The currency crisis in Kazakhstan, Georgia and some other countries showed that these countries are closely dependent on Russia’s economy. In this sense, Armenia was no exception. At the same time, the last year’s events in the currency market proved that both the monetary and foreign exchange regulations carried out by “monetary authorities” in Armenia were ineffective. This incapacity of the Central Bank of Armenia to support its own currency was due to the external nature of shocks that exerted the most striking effect on the volatility of the exchange rate of dram. Moreover, we are talking about the impact of the Russian
economy. Describing characteristics of the currency crises of 2009 and 2014 in Armenia and identifying the root causes of this situation are within the scope of the study.

Keywords: exchange rate, monetary policy, currency crisis

For citation: Mariam A. Voskanyan. The Crises in the Currency Market of Armenia: Causes and Consequences. Upravlenets – The Manager, 2016, no. 2(60), pp. 10–15.